Matched Betting: Is It Dead?
So it’s hardly a new problem; account restrictions, limitations and closures (by bookmakers). Matched betting seems to have highlighted the problem for most.
But it’s getting worse. Accounts are closing faster than ever, you may have seen the Stan James account I had that lasted hours…
But it’s not over yet (especially if you’re willing to go the extra mile). And if you’re a profitable trader there is a real bonus on offer!!
Here’s what I mean….
Matched Betting Caused This…
Matched betting and various other bonus bagging methods has led to the bookies behaving like this. It must be tough for them as they want to keep up with the other bookmakers and their marketing campaigns.
It appears they’re now going too far though. I mean seriously; they offer a book on an event at their prices and then reduce me to 68p bets because I consistently beat them? they offered it!
Worse still you may have read articles about bookmakers sharing information on those matched betting and arbing. Several of you on twitter mentioned this, have you opened an account and been banned or limited before placing a bet? comment below!!
They’re also reported to be using programs like iesnare to monitor activity. If they’ve installed such program on your machine (to make sure you’re not money laundering) they may also be using it to see if you’re logged into Betfair at the same time as their website. Is that really right?
A couple pointed out on twitter that they don’t blame them for not wanting to business with someone who screws them on a daily basis as it must cost them a fortune.
I get that, I really do… but they started all the bonus offering and continue to run an old business model (pre-exchanges). Plus they’re hardly broke – Denise Coates Bet365 founder is a billionaire…
It amazes me how such practices are allowed to go on. Saving the best bit of the email until last…. the real insult;
“it doesn’t affect your ability to play and claim bonuses in our Gaming products”
Why not? Because you can’t win on them…
The only satisfaction I can get was it took them so long to catch me. Withdrawals for the last 3 months show a total of £12,927.30. So up yours 365…
Matched Betting Brings Massive Value To Traders…
At this point that may not make sense to you. Dave Stewart asked this question on the Facebook Page…
A completely reasonable question from Dave there and I’m sure he won’t be the only one to ask it. So here’s why…
Trading Betfair‘s great… until you hit the Premium Charge, it’s a bit of a kick in the nuts as mentioned before on this blog.
So I and many others have looked for ways to reduce your own Premium Charge… there’s only really 3 possible routes;
- Addition accounts – Playing with fire big-time on this one. I’ve heard of many that have multiple accounts and have been caught, charged back and had their accounts closed. It’s not one for me.
- Increase turnover – By increasing your generated commission drastically through turnover your premium charge is reduced. Unless you’re a highly effective automation expert I doubt you’ll find a way. Especially if you’re making significant profits. The more generated commission produced the less premium charge paid as per the calculation method.
- Effective Arbitrage – By betting with a bookmaker at a price where a significant gamble is unfolding and laying off the bets on the exchange you can both win some extra money and transfer balance from your betting exchange account to the bookmaker (where you don’t pay premium charge for winning). If you don’t win the effect is rather boring as you just ping money back and forth between bookie and Betfair although it will increase you’re turnover too, as above.
Note: you’ll need to know the markets well to find the right opportunities… (especially on scale)
So you probably guessed it by now;
Outside of my trading activity I was placing value bets with Bet365 at valuable prices and covering the loss on Betfair. The end result being win-win, both through an arb (and making a loss on Betfair).
So when you think to the £12.927.30 mentioned above, only around £4,000 of that was profit. The rest had come over from Betfair.
That’s pretty awesome too, as a loss of £8,927.30 on Betfair means it’s still going in my bank, premium charge free!
I wasn’t matched betting! Hopefully you can all see what and why I was doing it now!